Summary: S.1066 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.1066. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/08/2017)

Federal Adjustment in Reporting Student Credit Act of 2017 or the FAIR Student Credit Act of 2017

This bill amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a qualified education loan from a consumer report if: (1) the lender chooses to offer a loan-rehabilitation program that requires a number of consecutive on-time monthly payments equal to the number of payments specified in a default reduction program under the Higher Education Act of 1965, and (2) the consumer of the loan successfully and voluntarily meets the requirements of that loan-rehabilitation program. A consumer may obtain such rehabilitation benefits only once per loan.

The Government Accountability Office shall report on any hurdles borrowers experience with the private loan-rehabilitation program.